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Veeva Systems (NYSE: VEEV) | Company Profile, History, Competitors

 

Veeva Systems (NYSE: VEEV) is a provider of cloud-based software for the life sciences industry. As of 2017, Veeva had 625 customers in the world. It was founded in 2007 and headquartered in Pleasanton, CA.

Veeva was founded in 2007 by Peter Gassner and Matt Wallach. In 2008, the company raised a Series B round with Emergence Capital Partners and went public in 2013. Veeva provides software to help life science companies manage sales/marketing with physicians as well as clinical trial development.

Business Model

Veeva offers a cloud-based software solution for the life sciences industry. Veeva sells two main suites: Veeva CRM and Veeva Vault

Veeva CRM Suite
Veeva's flagship product that helps pharmaceutical and life science sales representatives sell more effectively to physicians. Veeva CRM helps track interactions, customer targeting, compliance with regulatory restrictions unique to the life sciences industry.
  • Veeva CRM Optimizes multi-channel interactions with physicians.
  • Veeva CLM Helps companies replace paper-based materials with electronic marketing.
  • Veeva CRM Approved Email Provides compliance tools for the management, delivery and tracking of regulatory compliant email communications between sales representatives and physicians.
  • Veeva CRM Engage Provides closed loop marketing for web-based interactions with physicians.
  • Veeva CRM Events Management Enables the planning, management and execution of group meetings.

Veeva Vault Suite
Consists of six applications focused on the content management and collaboration in the R&D phase of life sciences companies. The suite helps life sciences companies navigate clinical trials, regulatory workflows, product manufacturing and commercialization.
  • Veeva Vault eTMF Manages documentation of active and archived clinical trials.
  • Veeva Vault Investigator Portal Manages collection of documents among researchers and investigators.
  • Veeva Vault Submission Organizes documents required in a regulatory submission to the FDA.
  • Veeva Vault QualityDocs Helps in the creation, review, distribution and management of controlled documents.
  • Veeva Vault PromoMats Manages end-to-end process in the development, distribution and withdrawal of promotional documents such as advertising, brochures, website, TV and radio communications.
  • Veeva Vault MedComms Helps review new medical content used by life sciences companies when communicating with physicians.

Pricing

Veeva's pricing for its CRM suite is on a per user per month basis. Veeva's pricing for its Vault product is not on a per headcount, but depends on size of customer and extent of usage.

Customers

As of 2017, Veeva had 625 customers. These customers include, Abbott, Actelion, Amgen, AstraZeneca, Cardinal Health, Depomed, Intercept Pharmaceuticals, Keryx, Lundbeck, Mylan, Pfizer, Questcor, Takeda, Teva, United Therapeutics and Validus Pharmaceuticals.

Competitors

Veeva's largest competitors in the CRM space are IMS Health and Cirrius Solutions. Veeva has 60% market share in the life sciences CRM market [1].

Veeva's largest competitors in the ECM space are Documentum (EMC), SharePoint (MIcrosoft) and OpenText.

History

The company was founded in 2007 by Peter Gassner and Matt Wallach. In 2008, the company raised a Series B round with Emergence Capital Partners.[2]. It went public in 2013.

Management

Peter Gassner (CEO): Peter serves as CEO and Founder since 2007. Prior, he was Senior Vice President of Technology at Salesforce.com. He was also Chief Architect and General Manager at PeopleSoft. He had also worked at IBM.

Tim Cabral (CFO): Tim serves as CEO since 2010. Prior, he served as CFO and COO of Walsh Wireless, a wireless systems company. He had also served as CFO of Agistics and worked as Vice President at PeopleSoft.

Financials

 $ USD in millions     2013     2014  2015  2016  2017  2018
 Revenues  $130 
$210 
$313 
$409 
$544 
 $686 
 Gross Profit  $73 
$128 
 $198 
 $267 
 $370 
$474 
 Operating Profit  $30 
$39 
 $70 
 $79 
 $108 
$151 
 Net Income $4 
$10 
$40 
 $54 
 $69 
$124 
 EPS $0.11 
$0.15 
$0.28 
$0.38 
$0.47 
 $0.92 
Veeva Systems, Inc.
 
  Ticker     NYSE: VEEV
  Industry Technology
  Founded 2007
  Headquarters Pleasanton, CA
  Customers 625 (2017)
  Revenues
$686mm (2017)
  Employees 2,171 (2017)
  Website veeva.com